The business cycle phase that must come before the peak is a(n)
A. expansion.
B. trough.
C. recession.
D. contraction.
Answer: A
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Which of the following is true at the exchange equilibrium between two individuals?
A) Their marginal rates of substitution are equal. B) The slopes of the individuals' indifference curves are equal. C) Both individuals' marginal rates of substitution are equal to the ratio of the prices of the goods. D) A and B only E) A, B, and C are all true.
When the monopolist decides to supply a given amount to the market, it will:
A. set the price equal to marginal cost. B. set the price higher than what demanders are willing to pay for that amount. C. only sell that amount if it charges what the demanders are willing to pay for that amount. D. set the price lower than the demand curve to create a perceived shortage.
Andrew is willing to pay $50,000 for a college education, yet the tuition cost at the college to which he was accepted is $75,000. Under what condition would it be efficient for the government to pay for the last $25,000 of Andrew's education?
What will be an ideal response?
Pollution is an example of a
A. positive externality. B. neutral externality. C. negative externality. D. golden externality.